US reinsurer Transatlantic Holdings has estimated its reinsurance exposure to bankrupt US energy company Enron at approximately $39m (£27m) after tax.
Transatlantic Holdings has estimated its reinsurance exposure to bankrupt US energy company Enron at approximately $39m (£27m) after tax.
The New York-headquartered reinsurance company said this would be reflected in its fourth quarter results for 2001.
It added that the actual exposure was subject to continuing litigation regarding coverage by the primary issuing companies.
Enron filed for bankruptcy in December 2001 in one of the largest Chapter 11 filings in corporate history.
For the fourth quarter ended 31 December 2000, Transatlantic Holdings reported net income of $50.9m (£35.4m).
It has consolidated assets of $6.1bn (£4.2bn) and shareholders' equity of $1.9bn (£1.3bn).
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